(PharmaNewsWire.Com, February 28, 2017 ) The Companion Animal Health Care Market was worth $ 12.73 Billion in 2016 and estimated to reach $ 17.20 Billion by the end of 2021 with a growing potential at a CAGR of 6.20 %
Companion animals are the animals which serve man by giving companionship and guarding their houses or offices. Various types of diseases in animals and their transfer to humans via their product consumption and companionship are escalating the market globally.
Growing incidence of zoonotic and food-borne diseases will be a potential concern to the health of pet animals. Increasing pet/companion ownership, growing health care concerns of pets, rising demand for improved nutrition, are the major factor driving the growth of the market. The factors that are hindering the growth of the market are restrictions by regulatory bodies have a negative impact on the sales of antibiotics, soaring costs and increasing regulations on animal testing have hindered a number of healthcare companies from manufacturing newly advanced drugs.
Some of the major companies dominating the global market Pfizer Animal health Ltd, Merck & Co Inc., Sanofi-Aventis Animal Health, Zoetis Inc., Boehringer Ingelheim GmbH, Elanco Products Company, Bayer AG, Novartis animal Health Inc., Virbac SA, Ceva Sante Animale, Vetoquinol SA.
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